Newbie asking- what should my first move be?

[Bruce Faulk]

Hello BP,

I have been amazed by the wealth of knowledge on the forums, the community that has reached out and the podcasts- thank you BP!

So, here's the deal: I want to get started but am not sure which option is best and would like some feedback/advice.  

1. I live in New York City- local prices are insane
2. I have a full time job with a Global corporation and make a decent living
3. I have a wife & kid- live in a rental apartment
4. I have fair credit which is steadily improving
5. I have 12k saved

So, my initial step could be:

1. Invest in TurnKey Single family home through Memphis Invest (I like them and have spoken to their reps- but am open to other out of state investment options) - This requires 30k initial investment so, we are talking a year and a half more of saving
2. Get a partner to do above quicker but give up 50% of cash flow
3. Find a Subject Too, Lease Option or Rent to Own property in my area for myself, use the 12k for a down payment to the owner/leaser and take over ownership with a bank mortgage of my own in 12-18 months.  I am part of a credit union and know the mortgage broker there well from my BNI chapter.

Both options  take time for me to build capital and really take a long time to build equity which I need to make the 2nd deal.

Am I missing other options?

Thanks!